By Evan DeSimone
Digital Domain Holdings Limited (DDH) is continuing its strategic investment blitz on the virtual reality and immersive content sector by taking a majority stake in Canadian VR tech firm Immersive Media (IMV).
Digital Domain will exchange $38.9 million in exchange for a 53.9% stake in the virtual reality tech start-up. That stake is in addition to the 12.8% of IMV that Digital Domain already owned through an earlier strategic investment in the company. DDH also owns a controlling 51% stake in virtual reality content studio IM360, a co-venture it launched along with IMV.
IMV was launched in 2011 and specializes in developing technology for the production and distribution of immersive video content. The company offers hardware and software designed to facilitate the creation of interactive media. That technology includes 360-degree captures, multi-camera stitching, dynamic streaming, digital live optimization, multi-camera and multi-input synchronization, digital transmission and observation, capturing multi-panoramic views, camera to image identification and internal GPS to capture data capturing, all of which will essential components to roll-out of large scale virtual reality content production.
The investment is a sign that Hong Kong-based Digital Domain plans to continue its drive into the virtual reality sector. Last fall, the company installed Peter Chou as chairman, touting both his status as a pioneer of virtual reality and his role as a founder and veteran of virtual reality tech leader HTC.
Digital Domain Holdings has already enjoyed some pay-off from its ongoing investment in the virtual and immersive content space. Last year, the company helped create an immersive component to compliment Taylor Swift’s “Blank Space” music video. That project went on to score an Emmy for Outstanding Original Interactive Program, recognition that the company believes points to the potential of virtual reality as the next big media paradigm shift.